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“China’s May Industrial Output Up by 3.5%”

BEIJING: China’s economy stumbled in May with industrial output and retail sales growth missing forecasts, adding to expectations that Beijing will need to do more to shore up a shaky post-pandemic recovery. The economic rebound seen earlier this year has lost momentum in the second quarter, prompting China’s central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come.

UBS and Swiss Govt. Guarantee Credit Suisse Losses

ZURICH: UBS and the Swiss government signed on Friday an agreement to cover up to 9 billion Swiss francs ($10 billion) in losses from its emergency takeover of Credit Suisse, the country’s largest bank, Reuters reported. The deal comes with various conditions, including a requirement that UBS keeps its headquarters in Switzerland, the government said in a statement. The loss protection agreement will become effective with the completion of the Credit Suisse takeover, expected as early as June 12, UBS said in a separate statement.

Oil giants in the Gulf partner with start-ups for carbon capture

ABU DHABI: Faced with mounting pressure over planet-heating pollution, Gulf Arab energy giants are turning to humble tech start-ups as they search for ways to remove emissions while keeping oil flowing. Oil producers have for years touted capturing carbon before it goes into the atmosphere as a potential global warming solution, against criticism from climate experts who say it risks distracting from the urgent goal of slashing fossil fuel pollution.

Saudi Finance Minister emphasizes need for increased economic integration among Arab nations

JEDDAH: Saudi Minister of Finance Mohammed Al-Jadaan said on Friday that a series of global crises have highlighted the importance of economic integration among Arab nations, the necessity for increased cooperation, and the need for the development of sustainable economic and financial models. He said that such measures would help to enhance resilience in the Arab world in the face of the challenges and risks it faces, the Saudi Press Agency reported.

Oil prices rise as US debt default risk diminishes

SINGAPORE: Oil prices rebounded on Friday from losses of more than 1 percent the previous day as investors turned cautiously optimistic over the fading risk of a US debt default, according to Reuters. Brent futures rose 59 cents, or 0.8 percent, to $76.45 a barrel by 7:20 a.m. Saudi time, while US West Texas Intermediate crude climbed 48 cents, or 0.7 percent, to $72.34.

UAE and Egypt Take Opposing Sides in Sudan Conflict: Analysis

With Egypt sidling up to Sudan's army and the UAE holding some sway over RSF, what will the regional implications be?

Russia-Ukraine War: Key Events on Day 427

As the war enters its 427th day, we take a look at the main developments.

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